Total Members: 158,197

Mikko

  • Mikko started the topic Can funds in a trust be used as equity? in the forum Creative Investing 8 years, 11 months ago

    Hi guys,

    I’m about to set up 2 managed funds accounts for my daughters. If I set them up in a trust structure, can the funds in there still be borrowed against for future investment properties?

    Thanks,

    Mikko.

  • Mikko started the topic Just honest opinions wanted…. in the forum Help Needed! 8 years, 11 months ago

    Hi,

    I am after some honest opinions. I am looking at a house about 12kms out of a capital city CBD, it is zoned for low to medium density residential, and is about 250m away from local shops and bustops. It’s price is right about the median price for the suburb. However, I am also looking at another house which is less than 10kms away from the…[Read more]

  • Mikko started the topic Buying with the hopes of redeveloping in the future in the forum Help Needed! 8 years, 11 months ago

    Hi guys,

    I’m looking at buying a property in the Brisbane suburbs which has the potential for redevelopment down the track. When comparing zoning maps to what is for sale, it is clear that there is a mark up on properties that fall within the higher density areas (of course). I would like some opinions as to whether it may be better to buy as…[Read more]

  • Mikko replied to the topic Looking for a Reno project to buy in SE Qld in the forum Help Needed! 9 years, 1 month ago

    Thanks for the responses guys. Richard I will send you an email. Kinnon, as I mentioned in an earlier message on this thread, I was initially with Rams, then it became RHG, then it became Anchorage, then it became Pepper. I have never held any equity in the property as I bought at the peak before the GFC, and have therefore found it difficult to…[Read more]

  • Mikko replied to the topic Looking for a Reno project to buy in SE Qld in the forum Help Needed! 9 years, 1 month ago

    Thanks.
    I spoke to Pepper Home Loans and they said they would drop my rate from 6.21% to 6.09%. As I’ve got zero equity in the property, I have to take it on the chin I guess, until I have the leverage to change banks.

  • Mikko started the topic Property in SE Qld in the forum Help Needed! 9 years, 1 month ago

    Hi guys,

    I’m just after different opinions on which suburbs around Brisbane are primed for some good capital growth in the foreseeable future? I’m interested in investing in a property with renovation potential, preferably on the Southside or further toward the Gold Coast. Thanks in advance.

    Mikko.

  • Mikko replied to the topic Looking for a Reno project to buy in SE Qld in the forum Help Needed! 9 years, 2 months ago

    Thanks for taking the time to read and reply Richard. The bank is ‘Pepper Home Loans’ which was previously ‘Anchorage’ which was previously ‘RHG’ which was previously ‘Rams’. That alone just spells shonky to me.
    I will give them another call and demand that they investigate a refinancing situation for me.
    Do you recommend any good buyers agents,…[Read more]

  • Mikko started the topic Looking for a Reno project to buy in SE Qld in the forum Help Needed! 9 years, 2 months ago

    Hi everyone,

    Here is out current situation:

    My wife and I live in a rental on the Gold Coast, paying $450/week. We have an investment unit also on the coast, with monthly repayments of $1200, and monthly income of $1100. We bought the unit in 2007 for $270,000, and it is now currently worth around $230,000. We owe $236,000. We are stuck with a…[Read more]

  • Mikko replied to the topic Setting up a SMSF – a wise move? in the forum Help Needed! 10 years ago

    Thanks for your responses guys. I will take it all on board.

    Whilst I have your attention, and off the topic of property investing, I was wondering if anyone had experience with investment bonds? I am saving for my 2 children, and currently have just over a $1k each in Bankwest  Bonus Saver accounts for them. But I'm now considering moving the…[Read more]

  • Mikko replied to the topic Free evaluation in the forum Help Needed! 10 years, 7 months ago

    Because I bought on the Gold Coast in 2007, before the bottom fell out of the market. I pretty much either still owe what the unit is worth, or owe more than it is worth. I don't think other lenders would be keen to take that on. 

    What do you recommend?

  • Mikko replied to the topic Free evaluation in the forum Help Needed! 10 years, 7 months ago

    The lender is Anchorage Home Loans. 

    Mikko. 

  • Mikko replied to the topic Free evaluation in the forum Help Needed! 10 years, 7 months ago

    Yes it is for borrowing purposes. If I use my existing lender though, and I'm found to have negative equity, can't they by rights ask me to cough up more money to cover the shortfall?

    Mikko. 

  • Great. Thanks for your help guys!

    Mikko.

  • Mikko replied to the topic In need of a mortgage broker in the forum Help Needed! 11 years, 1 month ago

    I went with RAMS in 2007, who then became RHG, who then became Anchorage!! I want out!!!!!

  • Mikko replied to the topic Newbie needs to know where to go from here……. in the forum Help Needed! 11 years, 1 month ago

    Just another thing, I salary sacrifice $120 into Super every week. Would you guys recommend continuing to do so? Or would it be more beneficial to me to save and invest the money elsewhere?

  • Mikko replied to the topic Newbie needs to know where to go from here……. in the forum Help Needed! 11 years, 2 months ago

    It's not the solution I was hoping for, as I was wanting to get into the investing game as soon as possible. But I think it is the sensible way.

  • Mikko replied to the topic Newbie needs to know where to go from here……. in the forum Help Needed! 11 years, 2 months ago

    Fair points JacM. I've taken it all on board. I'm thinking that eliminating all of the credit cards and personal loan first should be the way to go. 

    Thanks,

    Mikko.

  • Mikko replied to the topic Newbie needs to know where to go from here……. in the forum Help Needed! 11 years, 2 months ago

    Well, considering that our initial credit card debt was a staggering $32K, I think we are well on our way to recovery.

    Terryw – I will definitely give that a try. I think it might be a bit tricky to pull off on my current income however.

    Taxdiva – You don't see the Gold Coast beginning to recover anytime soon?

    Shahin – I have been advised…[Read more]

  • Mikko replied to the topic Newbie needs to know where to go from here……. in the forum Help Needed! 11 years, 2 months ago

    Thanks for the responses guys!

    Terryw – One of the credit cards is 2.9% for life (assuming I don't make any transactions), the other is 3.9% until October. 
    Offer to pay 50% of the credit card in one hit, and the banks may wipe the rest? Is that possible?

    Wakebrownb – Yes I agree, it makes sense to pay off the higher interest rate first, so that…[Read more]

Mikko

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